(d) with the exception of restrictions and restrictions imposed by credit documents or securities laws in general, pawn holdings issued by holding companies and, to the extent that they are issued by holding companies, the borrower or a subsidiary, bonds issued by the holding company, borrower or subsidiary, which are and remain freely transferable and sold , and not mortgaged stakes issued by holding companies and, to the extent that they are issued by holding companies, from each mother taken into account. , the borrower or subsidiary, mortgaged debt securities are subject to an option, a right of first refusal, a shareholders` pact, a charter, a status or other provisions relating to organizational documents or any contractual restriction of any kind that could, in one way or another, prohibit, affect, delay or affect in some way the guaranteed parties , to obstruct, delay or otherwise assign the pawning of these collateral. , the sale or transfer of these rights or their disposition in connection with this matter or the exercise of rights and remedies by the administrator; This exchange agreement must be used as a binding document between two parties who wish to exchange equivalent goods or services in exchange. Whether in a bankruptcy scenario or otherwise, payments improperly received by a subordinate lender to which priority lenders are entitled under the terms of the Common Guarantee Agreement are considered to be in trust for the benefit of priority lenders and must be transferred to them. The relative priority of each lender`s debts, security rights and rights to obtain the proceeds of execution must be taken into account and the rights of priority and subordinated lenders in relation to each lender must be taken into account. Are all secured loans processed on a pari passu basis or are some on duty for others (usually on the basis of commercial discussions between groups of borrowers and lenders and in debt pricing)? In the latter case, the Agreement on Common Guarantees will specifically define the amount of priority debt, with high-level status often limited to the outstanding principal amount from time to time, so as not to exceed the initial commitments, plus interest, fees and costs, and possibly an additional commitment premium minus payments. Subordinated lenders will not want to be subordinated to an indeterminate amount of debt that can be increased without their consent. Common guarantee agreements also protect subordinated lenders by adopting provisions requiring all lenders to approve any financing changes that may affect the date or priority of their repayment. On the instruction of the lender`s decision on the passport mark, the guarantee processor is required to ensure the safety of lenders under the various guarantee instruments carried out in accordance with the common guarantee agreement. Proceeds from this execution are applied by the protection officer to the various groups of lenders, according to the terms of their relative priorities under the common guarantee agreement. Collateral agents are generally very reluctant to act without clear instructions from lenders (or credit groups) needed, so the common guarantee agreement must be specific to what agents can (or are obliged) to do without the specific consent of lenders. In summary, the common guarantee agreements aim to replicate as much as possible the security package that would be obtained from a single group of lenders, but for the benefit of all.
Any guarantee is most likely concluded with all existing groups of lenders under the Common Guarantee Agreement. However, while the new infrastructure is being built, lenders still have nothing of value for this infrastructure to contribute to the common security pool, so that, as a rule, they cannot participate in the existing common security. Once an extension project is completed, these lenders will become full participants in the common security association.
